General Services Administration GSA (FEMA) leased 17,167 square feet at 616 FM 1960 in Houston, TX. Thomas Emde represented the landlord, Hartman Income REIT.
Category: Deals & Announcements
North Houston Value-add Shopping Center Sells
JLL Capital Markets has closed the sale of and arranged acquisition financing for Wood Ridge Plaza, a 211,218-square-foot, value-add retail strip center anchored by a popular tenant lineup in The Woodlands community within the Houston, Texas.
JLL marketed the property on behalf of the seller, a real estate fund advised by Crow Holdings Capital. DLC Management Corp. acquired the asset in its first Houston acquisition. Additionally, working on behalf of the new owner, JLL secured the three-year, floating-rate, non-recourse acquisition loan.
Built in 1975, Wood Ridge Plaza has been renovated throughout the years and comprises five buildings. The 88.1-percent-leased center is home to a strong lineup of national, regional and local tenants, including Federal American Grill, Kirkland’s, Home Consignment Center, Pappas Bar-B-Q, Skechers, Spec’s, Chair King and Office Depot.
Wood Ridge Plaza is positioned on 19.56 acres in Oak Ridge 27 miles north of Houston’s Central Business District. This location along Interstate 45, the primary north-south thoroughfare for the city, exposes the property to 251,129 vehicles per day. The center is in a superior retail trade area across Interstate 45 from The Woodlands Mall, a dominant mall within the Houston MSA, and surrounded by new development in The Woodlands, Houston’s most successful master-planned community. The center serves an affluent and growing trade area that includes more than 166,000 residents with an average annual household income of $147,783 within a five-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan West and Rusty Tamlyn and Analyst Ethan Goldberg.
The JLL Capital Markets Debt Advisory team included Managing Director Cameron Cureton and Analyst Jack Britton.
Houston Grocery-anchored Power Center Sells
JLL Capital Markets has closed the sale of Champions Village Shopping Center, a 383,346-square-foot retail power center anchored by Randalls in Houston, Texas.
JLL marketed the property on behalf of the seller, New Market Properties, LLC, a wholly owned indirect subsidiary of Preferred Apartment Communities, Inc. First National Realty Partners acquired the asset.
Champions Village Shopping Center is anchored by Randalls, which attracts more than 550,000 visitors per year and is a subsidiary of Albertsons, the third largest grocery chain in the U.S. The remaining tenancy comprises a dedicated roster with a collective weighted average tenure of 21 years, including Barnes & Noble, T.J.Maxx, Tuesday Morning, La Madeleine, Don Ramons Mexican Restaurant, Kirklands, Jenny Craig, Super Cuts, Bath and Body Works, Body & Brain Yoga, Berkeley Eye Center, Cassandra’s Louisiana Kitchen and MOD Pizza.
Positioned on 31.9 acres at 5215 FM 1960 Road W, Champions Village Shopping Center is within the northwest Houston area known as Champions, which has grown by 10.5 percent within a five-mile radius over the last decade. This property represents one of the largest and best located urban infill sites in the market and is highly visible, with more than 58,000 vehicles passing daily. The center is also in a dense residential area housing 106,417 residents and only two traditional full-service grocers within a three-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West, Vice President Sherri Rollins and Analyst Ethan Goldberg.
According to JLL Research’s recently released Grocery Tracker 2022 report, 2021 was a record year for grocery-anchored retail property transactions, with 735 total trades. Acquisition volume for the year was just over $13.3 billion, the largest share of any retail property type for the third year in a row and the second-highest level in recorded history.
Ivanhoé Cambridge and Greystar Break Ground on 1121 at Symphony Square
Ivanhoé Cambridge, a global real estate leader, and Greystar have broken ground on 1121 at Symphony Square, the office component of their new Symphony Square mixed-use development in downtown Austin, Texas, that will also house a 32-story residential tower, The Waller, which is already under construction. This complex will embody live, work and play.
Located at the corner of 12th and Red River Streets, 1121 at Symphony Square will be in the heart of the Austin Innovation District, across the street from the landmark Waterloo Park and Moody Amphitheater. The seven-story office building will include 170,000 square feet of office space spread across seven floors, along with 5,000 square feet of retail and restaurant space on the ground level.
Created with today’s workforce in mind, 1121 at Symphony Square will foster creativity by offering flexible work environments and open-air spaces that accommodate solo or collaborative work, and even lab spaces. It will also feature places to recharge, such as a 6,000-square-foot view-filled roof deck on the fifth floor exclusively for tenant use, private balconies on floors 1-4, and end-of-trip facilities including a bike storage room to cultivate tenant wellbeing. The distinctive and aesthetically appealing building also has a strong focus on sustainability, including pursuing LEED Gold certification.
Office tenants at 1121 at Symphony Square will also enjoy elevated amenities shared with The Waller next door. Via a bridge on the building’s fifth floor, tenants will be able to access a two-story fitness center equipped with turf lawn, a lap pool, locker rooms, and a yoga room. A lounge and ground-floor coffee shop will also be offered to tenants.
The building was designed by R2L:Architects with interiors from Austin-based Page and landscape architecture by TBG Partners. Ivanhoé Cambridge and Greystar expect 1121 to be ready for occupancy in Spring 2023.
DWG Capital Group Arranges Sale of Development Parcel in Greater Austin
DWG Capital Group announced the sale of a 7.62-acre development site comprising two adjacent parcels along Highway 71 West in Bastrop, Texas.
Judd Dunning, president of DWG Capital Group, represented the seller, MAG Capital Partners, a Fort Worth, Texas-based commercial real estate investment firm. Dunning also secured the buyer, an Austin, Texas-based developer. The sale price was not disclosed.
The site is proximate to the new $1.1 billion Tesla car plant in Austin, which has sparked a massive economic boom in the area. Bastrop Economic Development Corporation is studying opportunities to capitalize on the Tesla operation with a strategic plan to attract suppliers, manufacturers, direct and indirect development to the county.
Strategically situated near three major Texas metro areas—San Antonio, Houston and Dallas-Fort Worth—the 5.29- and 2.33-acre parcels offer flexible zoning that permits cold storage, distribution/warehousing or light retail development. Improvement options included a build-to-suit up to 139,000-square-feet as needed (shell or turn-key), an 88,000-square-foot retail pad with parking, or four 25,000-square-foot buildings. According to the buyer, plans are to build self storage or industrial flex with the hope of breaking ground in 2023.
Stream Realty Partners Announces New Leases in Recently Renovated Riverway Office Buildings
HOUSTON, TX – April 12, 2022 – Four Houston heavy-hitters will continue to call Riverway home for the next several years thanks to Stream Realty Partners.
Stream, a national real estate services, development, and investment company, worked with representatives for Northwestern Mutual, Martin Resource Management Company, ABGi, and Marcus & Millichap to renew their leases at two Class A office towers in Houston’s prestigious Galleria submarket. ABGi and Marcus & Millichap not only renewed but expanded their leases.
“One and Three Riverway provide Houston tenants the best value in the city,” said Brad Fricks, Senior Vice President of Stream Realty Partners. “The ownership has completely renovated the buildings and amenities. Their unwavering commitment to getting the buildings leased offers tenants incredible office opportunities.”
“We are pleased with Stream Realty Partners’ ability to both renew existing and attract new tenants to the One and Three Riverway office buildings,” said Raymond Levy, Managing Principal at Unilev. “The combination of their excellent marketing skills, ownership’s full renovation of the buildings, and recently added amenities has allowed us to continue to attract and retain top-quality tenants.”
Financial services company Northwestern Mutual has renewed its lease for 41,556 square feet, spanning two floors of One Riverway. Anthony Fritsche and David Anderson of Fritsche Anderson Realty Partners, LLC represented the client.
Martin Resource Management Corporation, an independent provider of marketing and logistics management for petroleum products, renewed its lease at Three Riverway for 21,935 square feet. Don Foster and Samuel Slovacek of JLL represented Martin Resource Management.
Tax consultant ABGi renewed and expanded its lease by over 12,000 square feet, bringing its total office space to 18,967 square feet, a full floor at One Riverway. Evan Roland represented ABGi in the transaction.
In addition, Marcus & Millichap, a commercial real estate sales, financing, research, and advisory services firm, also renewed and expanded its lease. The investment sales brokerage and capital markets advisory now occupies 14,400 square feet of office space at Three Riverway. Carlo Brignardello of Cresa represented Marcus & Millichap.
One and Three Riverway are on the north side of the Galleria with unbeatable access to Downtown and proximity to some of the most prestigious neighborhoods in Houston. Both One Riverway and Three Riverway underwent extensive renovations in 2020, offering sweeping views and outdoor terraces, tech-forward conference spaces, state-of-the-art fitness centers, on-site cafés, and ample parking.
Fricks, Vice President Matt Asvestas, and Associate Danielle Rothchild of Stream Houston are the landlord representatives at One and Three Riverway.